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By Vitaliy Katsenelson “This is a very bad, incoherent piece.” I received this feedback from a reader concerning my most recent article for Institutional Investor . I don’t expect everyone to agree with me, and I welcome negative feedback because it provides an opportunity to learn. But this stung. If this comment had been about…

I was recently going through a new client’s portfolio and found it full of the likes of Coca-Cola, Kimberly-Clark and Campbell Soup — what I call (pseudo) bond substitutes. Each one is a stable and mature company. Your mother-in-law would be proud if you worked for any one of them. They have had a fabulous…

This article has been in the works since last November. It started out as a speech I gave to the Swiss CFA Society. To me it is an important framework for understanding value investing. I think the rise of the consulting industry, armed with cheap computing power and an abundance of stock-specific data, has harmed…

In crazy times like today, all one could and actually should ask for is sanity. Yes, sanity–a clear mind free of noise to deal with the insanity that is thrust upon us by a volatile and noise-making machine also known as the stock market. We find ourselves glued to the computer screens or CNBC waiting…

This is an excerpt from a comment I read on Daily Speculation. It is such a common misperception that I had to write a response: “Great stocks [Google, Apple] are to be owned. Companies who dominate their space are to be kept and allowed to grow. Those who have built fantastic franchise names should be…